RENAISSANCERE HOLDINGS LTD - FORM 8-K - EX-99.2 - COPY OF THE COMPANY'S FINANCIAL SUPPLEMENT

Attached files

file	filename
EX-99.1 - COPY OF THE COMPANY'S EARNINGS RELEASE - RENAISSANCERE HOLDINGS LTD	rnr2016q2earningsrelease.htm
8-K - 8-K - RENAISSANCERE HOLDINGS LTD	rnr2016q28-kcover.htm

RenaissanceRe Holdings Ltd.

Contents



		Page(s)

Basis of Presentation		i

Financial Highlights		1

Income Statements
a.	Summary Consolidated Statements of Operations	2 - 3
b.	Consolidated Segment Underwriting Results	4 - 5
c.	Gross Premiums Written and Managed Premiums	6 - 7
d.	DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations	8 - 9

Balance Sheets
a.	Summary Consolidated Balance Sheets	10

Investments
a.	Investment Portfolio - Composition	11
b.	Summary of Other Investments	12
c.	Total Investment Result	13
d.	Investment Portfolio - Effective Yield and Credit Rating	14
e.	Investment Portfolio - Change in Portfolio Composition	15
g.	Fixed Maturity and Short Term Investments - Corporate Top 10 Issuers by Fair Value	16

Loss Reserve Analysis
a.	Reserves for Claims and Claim Expenses	17
b.	Paid to Incurred Analysis	18

Other Items
a.	Earnings per Share	19
b.	Equity in Earnings of Other Ventures	20
c.	Other Income	20
d.	Ratings	21

Comments on Regulation G		22 - 23

RenaissanceRe Holdings Ltd.

Basis of Presentation

This financial supplement includes certain non-GAAP financial measures including “operating income available to RenaissanceRe common shareholders”, “operating income available to RenaissanceRe common shareholders per common share - diluted”, “operating return on average common equity - annualized”, “managed catastrophe premium”, “tangible book value per common share” and “tangible book value per common share plus accumulated dividends.” A reconciliation of such measures to the most comparable GAAP figures in accordance with Regulation G is presented in the attached supplemental financial data. See pages 22 and 23 for Comments on Regulation G.

RenaissanceRe Holdings Ltd. ("RenaissanceRe" or the "Company") is a global provider of reinsurance and insurance. The Company has the following reportable segments: (1) Catastrophe Reinsurance, which includes catastrophe reinsurance and certain property catastrophe joint ventures managed by the Company’s ventures unit; (2) Specialty Reinsurance, which includes specialty reinsurance and certain specialty joint ventures managed by the Company’s ventures unit; and (3) Lloyd’s, which includes reinsurance and insurance business written through RenaissanceRe Syndicate 1458 (“Syndicate 1458”).

Cautionary Statement under “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995: Statements made in this financial supplement contain information about the Company's future business prospects. These statements may be considered “forward-looking.” These statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by such forward-looking statements. For further information regarding cautionary statements and factors affecting future results, please refer to RenaissanceRe Holdings Ltd.'s filings with the U.S. Securities and Exchange Commission, including its Annual Reports on Form 10-K and its Quarterly Reports on Form 10-Q.

All information contained herein is unaudited. Unless otherwise noted, dollar amounts are in thousands, except for share and per share amounts and ratio information. Certain prior period comparatives have been reclassified to conform to the current presentation. This supplement is being provided for informational purposes only. It should be read in conjunction with documents filed by RenaissanceRe Holdings Ltd. with the Securities and Exchange Commission, including its Annual Reports on Form 10-K and its Quarterly Reports on Form 10-Q. Please refer to the Company's website at www.renre.com for further information about RenaissanceRe Holdings Ltd.



	i



RenaissanceRe Holdings Ltd.
Financial Highlights
	Three months ended						Six months ended
	June 30, 2016			June 30, 2015			June 30, 2016			June 30, 2015
Highlights
Gross premiums written	$	759,128		$	661,997		$	1,621,261		$	1,305,575
Net premiums written	$	519,916		$	508,677		$	1,031,591		$	912,712
Net premiums earned	$	351,402		$	379,828		$	705,008		$	676,588
Net claims and claim expenses incurred	167,750			169,344			294,355			246,197
Acquisition expenses	69,005			61,666			134,597			105,067
Operating expenses	51,073			54,673			107,308			100,294
Underwriting income	$	63,574		$	94,145		$	168,748		$	225,030

Net investment income	$	54,124		$	38,604		$	82,987		$	78,311
Net realized and unrealized gains (losses) on investments	69,772			(26,712		)	131,425			15,037
Change in net unrealized gains on fixed maturity investments available for sale	(90		)	(560		)	(359		)	(743		)
Total investment result	$	123,806		$	11,332		$	214,053		$	92,605

Net income available to RenaissanceRe common shareholders	$	136,325		$	73,233		$	264,320		$	241,076
Operating income available to RenaissanceRe common shareholders (1)	$	66,553		$	99,945		$	132,895		$	226,039

Total assets	$	12,544,763		$	12,047,395		$	12,544,763		$	12,047,395
Total shareholders' equity attributable to RenaissanceRe	$	4,703,217		$	4,836,944		$	4,703,217		$	4,836,944

Per share data
Net income available to RenaissanceRe common shareholders per common share - diluted	$	3.22		$	1.59		$	6.16		$	5.56
Operating income available to RenaissanceRe common shareholders per common share - diluted (1)	$	1.55		$	2.18		$	3.06		$	5.21
Dividends per common share	$	0.31		$	0.30		$	0.62		$	0.60
Book value per common share	$	103.70		$	96.43		$	103.70		$	96.43
Tangible book value per common share (1)	$	96.97		$	89.92		$	96.97		$	89.92
Tangible book value per common share plus accumulated dividends (1)	$	113.07		$	104.80		$	113.07		$	104.80
Change in tangible book value per common share plus change in accumulated dividends (1)	2.8		%	1.9		%	5.5		%	1.4		%

Financial ratios
Net claims and claim expense ratio - current accident year	56.1		%	53.3		%	46.1		%	44.5		%
Net claims and claim expense ratio - prior accident years	(8.4		)%	(8.7		)%	(4.3		)%	(8.1		)%
Net claims and claim expense ratio - calendar year	47.7		%	44.6		%	41.8		%	36.4		%
Underwriting expense ratio	34.2		%	30.6		%	34.3		%	30.3		%
Combined ratio	81.9		%	75.2		%	76.1		%	66.7		%
Return on average common equity - annualized	12.6		%	6.6		%	12.2		%	11.8		%
Operating return on average common equity - annualized (1)	6.1		%	9.1		%	6.1		%	11.0		%
Total investment return - annualized	5.5		%	0.5		%	4.7		%	2.2		%


(1)	See Comments on Regulation G for a reconciliation of non-GAAP financial measures.



	1



RenaissanceRe Holdings Ltd.
Summary Consolidated Statements of Operations

	Three months ended
	June 30, 2016			March 31, 2016			December 31, 2015			September 30, 2015			June 30, 2015
Revenues
Gross premiums written	$	759,128		$	862,133		$	336,093		$	369,642		$	661,997
Net premiums written	$	519,916		$	511,675		$	236,651		$	266,820		$	508,677
(Increase) decrease in unearned premiums	(168,514		)	(158,069		)	124,924			95,568			(128,849		)
Net premiums earned	351,402			353,606			361,575			362,388			379,828
Net investment income	54,124			28,863			45,918			28,338			38,604
Net foreign exchange (losses) gains	(690		)	(1,692		)	1,203			616			(1,740		)
Equity in earnings of other ventures	6,022			1,611			3,296			5,730			6,160
Other income	2,654			4,079			8,200			2,306			1,427
Net realized and unrealized gains (losses) on investments	69,772			61,653			(42,817		)	(41,138		)	(26,712		)
Total revenues	483,284			448,120			377,375			358,240			397,567
Expenses
Net claims and claim expenses incurred	167,750			126,605			102,013			100,028			169,344
Acquisition expenses	69,005			65,592			55,399			78,126			61,666
Operational expenses	51,073			56,235			64,300			54,518			54,673
Corporate expenses	5,752			8,225			10,791			7,322			12,868
Interest expense	10,536			10,538			10,550			10,542			9,862
Total expenses	304,116			267,195			243,053			250,536			308,413
Income before taxes	179,168			180,925			134,322			107,704			89,154
Income tax (expense) benefit	(6,612		)	(2,744		)	(8,453		)	4,573			1,842
Net income	172,556			178,181			125,869			112,277			90,996
Net income attributable to noncontrolling interests	(30,635		)	(44,591		)	(28,068		)	(31,153		)	(12,167		)
Net income attributable to RenaissanceRe	141,921			133,590			97,801			81,124			78,829
Dividends on preference shares	(5,596		)	(5,595		)	(5,595		)	(5,595		)	(5,596		)
Net income available to RenaissanceRe common shareholders	$	136,325		$	127,995		$	92,206		$	75,529		$	73,233

Net income available to RenaissanceRe common shareholders per common share - basic	$	3.23		$	2.97		$	2.11		$	1.68		$	1.60
Net income available to RenaissanceRe common shareholders per common share - diluted	$	3.22		$	2.95		$	2.09		$	1.66		$	1.59
Operating income available to RenaissanceRe common shareholders per common share - diluted (1)	$	1.55		$	1.51		$	3.07		$	2.58		$	2.18

Return on average common equity - annualized	12.6		%	11.8		%	8.5		%	6.9		%	6.6		%
Operating return on average common equity - annualized (1)	6.1		%	6.1		%	12.5		%	10.7		%	9.1		%


(1)	See Comments on Regulation G for a reconciliation of non-GAAP financial measures.



	2



RenaissanceRe Holdings Ltd.
Summary Consolidated Statements of Operations

	Six months ended
	June 30, 2016			June 30, 2015
Revenues
Gross premiums written	$	1,621,261		$	1,305,575
Net premiums written	$	1,031,591		$	912,712
Increase in unearned premiums	(326,583		)	(236,124		)
Net premiums earned	705,008			676,588
Net investment income	82,987			78,311
Net foreign exchange losses	(2,382		)	(4,870		)
Equity in earnings of other ventures	7,633			11,455
Other income	6,733			2,966
Net realized and unrealized gains on investments	131,425			15,037
Total revenues	931,404			779,487
Expenses
Net claims and claim expenses incurred	294,355			246,197
Acquisition expenses	134,597			105,067
Operational expenses	107,308			100,294
Corporate expenses	13,977			58,401
Interest expense	21,074			15,178
Total expenses	571,311			525,137
Income before taxes	360,093			254,350
Income tax (expense) benefit	(9,356		)	49,746
Net income	350,737			304,096
Net income attributable to noncontrolling interests	(75,226		)	(51,829		)
Net income attributable to RenaissanceRe	275,511			252,267
Dividends on preference shares	(11,191		)	(11,191		)
Net income available to RenaissanceRe common shareholders	$	264,320		$	241,076

Net income available to RenaissanceRe common shareholders per common share - basic	$	6.20		$	5.61
Net income available to RenaissanceRe common shareholders per common share - diluted	$	6.16		$	5.56
Operating income available to RenaissanceRe common shareholders per common share - diluted (1)	$	3.06		$	5.21

Return on average common equity - annualized	12.2		%	11.8		%
Operating return on average common equity - annualized (1)	6.1		%	11.0		%


(1)	See Comments on Regulation G for a reconciliation of non-GAAP financial measures.



	3



RenaissanceRe Holdings Ltd.
Consolidated Segment Underwriting Results

	Three months ended June 30, 2016
	Catastrophe Reinsurance			Specialty Reinsurance			Lloyd's			Other			Total
Gross premiums written	$	397,454		$	200,733		$	160,941		$	—		$	759,128
Net premiums written	$	255,645		$	132,420		$	131,851		$	—		$	519,916
Net premiums earned	$	141,616		$	137,168		$	72,618		$	—		$	351,402
Net claims and claim expenses incurred	56,131			67,701			43,832			86			167,750
Acquisition expenses	16,227			34,127			18,651			—			69,005
Operational expenses	18,685			19,959			12,408			21			51,073
Underwriting income (loss)	$	50,573		$	15,381		$	(2,273	)	$	(107	)	$	63,574

Net claims and claim expenses incurred - current accident year	$	70,321		$	85,117		$	41,567		$	—		$	197,005
Net claims and claim expenses incurred - prior accident years	(14,190		)	(17,416		)	2,265			86			(29,255		)
Net claims and claim expenses incurred - total	$	56,131		$	67,701		$	43,832		$	86		$	167,750

Net claims and claim expense ratio - current accident year	49.7		%	62.1		%	57.2		%				56.1		%
Net claims and claim expense ratio - prior accident years	(10.1		)%	(12.7		)%	3.2		%				(8.4		)%
Net claims and claim expense ratio - calendar year	39.6		%	49.4		%	60.4		%				47.7		%
Underwriting expense ratio	24.7		%	39.4		%	42.7		%				34.2		%
Combined ratio	64.3		%	88.8		%	103.1		%				81.9		%

	Three months ended June 30, 2015
	Catastrophe Reinsurance			Specialty Reinsurance			Lloyd's			Other			Total
Gross premiums written	$	385,366		$	160,013		$	116,618		$	—		$	661,997
Net premiums written	$	270,490		$	139,867		$	98,320		$	—		$	508,677
Net premiums earned	$	162,705		$	155,584		$	61,539		$	—		$	379,828
Net claims and claim expenses incurred	55,376			86,062			27,683			223			169,344
Acquisition expenses	19,314			28,251			14,210			(109		)	61,666
Operational expenses	22,090			18,747			13,719			117			54,673
Underwriting income (loss)	$	65,925		$	22,524		$	5,927		$	(231	)	$	94,145

Net claims and claim expenses incurred - current accident year	$	67,334		$	104,315		$	30,771		$	—		$	202,420
Net claims and claim expenses incurred - prior accident years	(11,958		)	(18,253		)	(3,088		)	223			(33,076		)
Net claims and claim expenses incurred - total	$	55,376		$	86,062		$	27,683		$	223		$	169,344

Net claims and claim expense ratio - current accident year	41.4		%	67.0		%	50.0		%				53.3		%
Net claims and claim expense ratio - prior accident years	(7.4		)%	(11.7		)%	(5.0		)%				(8.7		)%
Net claims and claim expense ratio - calendar year	34.0		%	55.3		%	45.0		%				44.6		%
Underwriting expense ratio	25.5		%	30.2		%	45.4		%				30.6		%
Combined ratio	59.5		%	85.5		%	90.4		%				75.2		%



	4



RenaissanceRe Holdings Ltd.
Consolidated Segment Underwriting Results

	Six months ended June 30, 2016
	Catastrophe Reinsurance			Specialty Reinsurance			Lloyd's			Other			Total
Gross premiums written	$	757,877		$	569,722		$	293,662		$	—		$	1,621,261
Net premiums written	$	444,430		$	392,511		$	194,650		$	—		$	1,031,591
Net premiums earned	$	278,601		$	292,486		$	133,921		$	—		$	705,008
Net claims and claim expenses incurred	63,951			159,553			70,848			3			294,355
Acquisition expenses	25,807			75,852			32,938			—			134,597
Operational expenses	38,953			41,732			26,542			81			107,308
Underwriting income (loss)	$	149,890		$	15,349		$	3,593		$	(84	)	$	168,748

Net claims and claim expenses incurred - current accident year	$	84,204		$	173,495		$	67,515		$	—		$	325,214
Net claims and claim expenses incurred - prior accident years	(20,253		)	(13,942		)	3,333			3			(30,859		)
Net claims and claim expenses incurred - total	$	63,951		$	159,553		$	70,848		$	3		$	294,355

Net claims and claim expense ratio - current accident year	30.2		%	59.3		%	50.4		%				46.1		%
Net claims and claim expense ratio - prior accident years	(7.2		)%	(4.7		)%	2.5		%				(4.3		)%
Net claims and claim expense ratio - calendar year	23.0		%	54.6		%	52.9		%				41.8		%
Underwriting expense ratio	23.2		%	40.2		%	44.4		%				34.3		%
Combined ratio	46.2		%	94.8		%	97.3		%				76.1		%

	Six months ended June 30, 2015
	Catastrophe Reinsurance			Specialty Reinsurance			Lloyd's			Other			Total
Gross premiums written (1)	$	774,613		$	284,304		$	246,748		$	(90	)	$	1,305,575
Net premiums written	$	493,130		$	243,782		$	175,889		$	(89	)	$	912,712
Net premiums earned	$	306,472		$	250,460		$	119,745		$	(89	)	$	676,588
Net claims and claim expenses incurred	62,970			125,650			57,526			51			246,197
Acquisition expenses	26,968			48,940			28,903			256			105,067
Operational expenses	42,453			32,037			25,659			145			100,294
Underwriting income (loss)	$	174,081		$	43,833		$	7,657		$	(541	)	$	225,030

Net claims and claim expenses incurred - current accident year	$	91,458		$	153,579		$	56,381		$	—		$	301,418
Net claims and claim expenses incurred - prior accident years	(28,488		)	(27,929		)	1,145			51			(55,221		)
Net claims and claim expenses incurred - total	$	62,970		$	125,650		$	57,526		$	51		$	246,197

Net claims and claim expense ratio - current accident year	29.8		%	61.3		%	47.1		%				44.5		%
Net claims and claim expense ratio - prior accident years	(9.3		)%	(11.1		)%	0.9		%				(8.1		)%
Net claims and claim expense ratio - calendar year	20.5		%	50.2		%	48.0		%				36.4		%
Underwriting expense ratio	22.7		%	32.3		%	45.6		%				30.3		%
Combined ratio	43.2		%	82.5		%	93.6		%				66.7		%

(1) Included in gross premiums written in the Other category is the elimination of inter-segment gross premiums written of $(0.1) million for the six months ended June 30, 2015.



	5



RenaissanceRe Holdings Ltd.
Gross Premiums Written and Managed Premiums

	Three months ended
	June 30, 2016			March 31, 2016			December 31, 2015		September 30, 2015		June 30, 2015
Catastrophe Reinsurance Segment
Renaissance catastrophe premiums	$	251,695		$	246,089		$	11,207	$	61,479	$	243,246
DaVinci catastrophe premiums	145,759			114,334			1,119		20,213		142,120
Total Catastrophe Reinsurance segment gross premiums written	$	397,454		$	360,423		$	12,326	$	81,692	$	385,366

Specialty Reinsurance Segment
Casualty	$	87,989		$	147,801		$	93,004	$	116,851	$	84,953
Credit	71,395			138,630			141,939		66,839		19,911
Property	18,235			39,624			14,176		10,405		23,215
Other	23,114			42,934			18,256		20,277		31,934
Total Specialty Reinsurance segment gross premiums written	$	200,733		$	368,989		$	267,375	$	214,372	$	160,013

Lloyd's Segment
Casualty	$	62,110		$	70,928		$	37,161	$	41,352	$	48,426
Catastrophe	39,602			23,033			2,840		7,465		33,379
Property	38,662			21,879			14,578		18,717		24,130
Credit	2,860			4,204			274		3,377		1,534
Other	17,707			12,677			1,539		2,667		9,149
Total Lloyd's segment gross premiums written	$	160,941		$	132,721		$	56,392	$	73,578	$	116,618

Managed Premiums (1)
Total Catastrophe Reinsurance segment gross premiums written	$	397,454		$	360,423		$	12,326	$	81,692	$	385,366
Catastrophe premiums written in the Lloyd's segment	39,602			23,033			2,840		7,465		33,379
Catastrophe premiums written on behalf of our joint venture, Top Layer Re (2)	25,689			11,096			1,923		1,089		21,411
Catastrophe premiums written by the Company in its Catastrophe Reinsurance segment and ceded to Top Layer Re	(896		)	(8,367		)	—		—		(835		)
Total managed catastrophe premiums (1)	$	461,849		$	386,185		$	17,089	$	90,246	$	439,321


(1)	See Comments on Regulation G for a reconciliation of non-GAAP financial measures.


(2)	Top Layer Re is accounted for under the equity method of accounting.



	6



RenaissanceRe Holdings Ltd.
Gross Premiums Written and Managed Premiums

	Six months ended
	June 30, 2016			June 30, 2015
Catastrophe Reinsurance Segment
Renaissance catastrophe premiums	$	497,784		$	508,976
DaVinci catastrophe premiums	260,093			265,637
Total Catastrophe Reinsurance segment gross premiums written	$	757,877		$	774,613

Specialty Reinsurance Segment
Casualty	$	235,790		$	147,058
Credit	210,025			48,622
Property	57,859			28,424
Other	66,048			60,200
Total Specialty Reinsurance segment gross premiums written	$	569,722		$	284,304

Lloyd's Segment
Casualty	$	133,038		$	110,397
Catastrophe	62,635			59,024
Property	60,541			47,899
Credit	7,064			4,119
Other	30,384			25,309
Total Lloyd's segment gross premiums written	$	293,662		$	246,748

Managed Premiums (1)
Total Catastrophe Reinsurance segment gross premiums written	$	757,877		$	774,613
Catastrophe premiums written in the Lloyd's segment	62,635			59,024
Catastrophe premiums written on behalf of our joint venture, Top Layer Re (2)	36,785			35,575
Catastrophe premiums written by the Company in its Catastrophe Reinsurance segment and ceded to Top Layer Re	(9,263		)	(6,785		)
Total managed catastrophe premiums (1)	$	848,034		$	862,427


(1)	See Comments on Regulation G for a reconciliation of non-GAAP financial measures.


(2)	Top Layer Re is accounted for under the equity method of accounting.



	7



DaVinciRe Holdings Ltd. and Subsidiary
Consolidated Statements of Operations

	Three months ended
	June 30, 2016			March 31, 2016			December 31, 2015			September 30, 2015			June 30, 2015
Revenues
Gross premiums written	$	146,519		$	114,503		$	1,269		$	20,326		$	143,456
Net premiums written	$	133,513		$	88,506		$	1,244		$	14,598		$	132,977
(Increase) decrease in unearned premiums	(70,095		)	(30,106		)	61,795			47,452			(69,088		)
Net premiums earned	63,418			58,400			63,039			62,050			63,889
Net investment income	7,162			6,869			7,241			7,171			6,812
Net foreign exchange gains (losses)	594			407			(225		)	(233		)	(9		)
Other loss	(86		)	—			—			—			—
Net realized and unrealized gains (losses) on investments	11,004			15,239			(13,120		)	(2,044		)	(8,630		)
Total revenues	82,092			80,915			56,935			66,944			62,062
Expenses
Net claims and claim expenses incurred	23,231			(518		)	(6,954		)	4,675			22,852
Acquisition expenses	12,916			16,096			16,883			15,683			13,703
Operational and corporate expenses	6,786			6,860			7,211			7,285			7,081
Interest expense	1,859			1,858			1,813			1,813			1,504
Total expenses	44,792			24,296			18,953			29,456			45,140
Income before taxes	37,300			56,619			37,982			37,488			16,922
Income tax (expense) benefit	(84		)	(91		)	(2		)	188			(153		)
Net income available to DaVinciRe common shareholders	$	37,216		$	56,528		$	37,980		$	37,676		$	16,769

Net claims and claim expenses incurred - current accident year	$	30,095		$	3,546		$	5,477		$	9,649		$	26,832
Net claims and claim expenses incurred - prior accident years	(6,864		)	(4,064		)	(12,431		)	(4,974		)	(3,980		)
Net claims and claim expenses incurred - total	$	23,231		$	(518	)	$	(6,954	)	$	4,675		$	22,852

Net claims and claim expense ratio - current accident year	47.5		%	6.1		%	8.7		%	15.6		%	42.0		%
Net claims and claim expense ratio - prior accident years	(10.9		)%	(7.0		)%	(19.7		)%	(8.1		)%	(6.2		)%
Net claims and claim expense ratio - calendar year	36.6		%	(0.9		)%	(11.0		)%	7.5		%	35.8		%
Underwriting expense ratio	31.1		%	39.3		%	38.2		%	37.0		%	32.5		%
Combined ratio	67.7		%	38.4		%	27.2		%	44.5		%	68.3		%



	8



DaVinciRe Holdings Ltd. and Subsidiary
Consolidated Statements of Operations

	Six months ended
	June 30, 2016			June 30, 2015
Revenues
Gross premiums written	$	261,022		$	267,667
Net premiums written	$	222,019		$	230,342
Increase in unearned premiums	(100,201		)	(105,408		)
Net premiums earned	121,818			124,934
Net investment income	14,031			13,027
Net foreign exchange gains (losses)	1,001			(594		)
Other loss	(86		)	—
Net realized and unrealized losses on investments	26,243			3,408
Total revenues	163,007			140,775
Expenses
Net claims and claim expenses incurred	22,713			24,789
Acquisition expenses	29,012			30,243
Operational and corporate expenses	13,646			14,319
Interest expense	3,717			2,443
Total expenses	69,088			71,794
Income before taxes	93,919			68,981
Income tax expense	(175		)	(189		)
Net income available to DaVinciRe common shareholders	$	93,744		$	68,792

Net claims and claim expenses incurred - current accident year	$	33,641		$	36,941
Net claims and claim expenses incurred - prior accident years	(10,928		)	(12,152		)
Net claims and claim expenses incurred - total	$	22,713		$	24,789

Net claims and claim expense ratio - current accident year	27.6		%	29.6		%
Net claims and claim expense ratio - prior accident years	(9.0		)%	(9.8		)%
Net claims and claim expense ratio - calendar year	18.6		%	19.8		%
Underwriting expense ratio	35.1		%	35.7		%
Combined ratio	53.7		%	55.5		%



	9



RenaissanceRe Holdings Ltd.
Summary Consolidated Balance Sheets

	June 30, 2016		March 31, 2016		December 31, 2015		September 30, 2015		June 30, 2015
Assets
Fixed maturity investments trading, at fair value	$	7,073,129	$	6,890,592	$	6,765,005	$	6,905,302	$	6,591,434
Fixed maturity investments available for sale, at fair value	12,434		13,985		17,813		19,905		21,754
Total fixed maturity investments, at fair value	7,085,563		6,904,577		6,782,818		6,925,207		6,613,188
Short term investments, at fair value	1,000,206		1,171,523		1,208,401		998,906		1,543,191
Equity investments trading, at fair value	301,298		335,509		393,877		462,198		493,056
Other investments, at fair value	489,702		496,900		481,621		483,958		504,693
Investments in other ventures, under equity method	133,448		131,692		132,351		129,495		126,139
Total investments	9,010,217		9,040,201		8,999,068		8,999,764		9,280,267
Cash and cash equivalents	455,521		449,149		506,885		524,546		398,090
Premiums receivable	1,332,667		1,094,116		778,009		864,198		1,068,819
Prepaid reinsurance premiums	533,092		444,954		230,671		258,445		276,231
Reinsurance recoverable	222,006		167,228		134,526		141,416		136,464
Accrued investment income	37,900		37,492		39,749		40,855		37,480
Deferred acquisition costs	331,152		287,291		199,380		213,599		173,408
Receivable for investments sold	203,165		204,306		220,834		321,756		149,063
Other assets	160,873		167,514		181,011		266,318		251,830
Goodwill and other intangibles	258,170		261,662		265,154		270,213		275,743
Total assets	$	12,544,763	$	12,153,913	$	11,555,287	$	11,901,110	$	12,047,395
Liabilities, Noncontrolling Interests and Shareholders' Equity
Liabilities
Reserve for claims and claim expenses	$	2,844,243	$	2,811,523	$	2,767,045	$	2,796,062	$	2,847,648
Unearned premiums	1,518,106		1,261,454		889,102		1,042,012		1,155,596
Debt	954,577		957,536		960,495		963,610		966,571
Reinsurance balances payable	753,699		618,344		523,974		533,174		512,019
Payable for investments purchased	432,926		454,593		391,378		602,576		511,251
Other liabilities	215,592		208,533		245,145		244,005		228,554
Total liabilities	6,719,143		6,311,983		5,777,139		6,181,439		6,221,639
Redeemable noncontrolling interest	1,122,403		1,081,337		1,045,964		1,022,028		988,812
Shareholders' Equity
Preference shares	400,000		400,000		400,000		400,000		400,000
Common shares	41,496		43,095		43,701		44,121		46,013
Additional paid-in capital	242,561		422,422		507,674		551,683		750,484
Accumulated other comprehensive income	2,337		1,665		2,108		2,260		2,993
Retained earnings	4,016,823		3,893,411		3,778,701		3,699,579		3,637,454
Total shareholders' equity attributable to RenaissanceRe	4,703,217		4,760,593		4,732,184		4,697,643		4,836,944
Total liabilities, noncontrolling interests and shareholders' equity	$	12,544,763	$	12,153,913	$	11,555,287	$	11,901,110	$	12,047,395

Book value per common share	$	103.70	$	101.19	$	99.13	$	97.41	$	96.43



	10



RenaissanceRe Holdings Ltd.
Investment Portfolio - Composition

TYPE OF INVESTMENT	June 30, 2016					March 31, 2016					December 31, 2015					September 30, 2015					June 30, 2015
U.S. treasuries	$	2,660,051		29.5	%	$	2,475,747		27.4	%	$	2,064,944		23.0	%	$	1,984,841		22.1	%	$	2,020,746		21.8	%
Agencies	126,549			1.4	%	85,270			0.9	%	137,976			1.5	%	131,524			1.5	%	144,947			1.6	%
Municipal	561,456			6.2	%	564,555			6.3	%	583,282			6.5	%	675,349			7.5	%	806,724			8.7	%
Non-U.S. government (Sovereign debt)	313,699			3.5	%	353,756			3.9	%	334,981			3.7	%	393,320			4.4	%	370,613			4.0	%
Non-U.S. government-backed corporate	157,606			1.7	%	164,724			1.8	%	138,994			1.5	%	172,548			1.9	%	172,381			1.9	%
Corporate	1,840,407			20.5	%	1,833,825			20.3	%	2,055,323			22.9	%	2,141,859			23.8	%	1,865,369			20.1	%
Agency mortgage-backed	513,666			5.7	%	498,093			5.5	%	504,518			5.6	%	497,092			5.5	%	475,870			5.1	%
Non-agency mortgage-backed	258,507			2.8	%	256,572			2.8	%	270,763			3.0	%	268,389			3.0	%	263,329			2.8	%
Commercial mortgage-backed	503,475			5.6	%	540,940			6.0	%	561,496			6.2	%	552,617			6.1	%	426,895			4.6	%
Asset-backed	150,147			1.7	%	131,095			1.5	%	130,541			1.4	%	107,668			1.2	%	66,314			0.7	%
Total fixed maturity investments, at fair value	7,085,563			78.6	%	6,904,577			76.4	%	6,782,818			75.3	%	6,925,207			77.0	%	6,613,188			71.3	%
Short term investments, at fair value	1,000,206			11.1	%	1,171,523			13.0	%	1,208,401			13.4	%	998,906			11.1	%	1,543,191			16.6	%
Equity investments trading, at fair value	301,298			3.4	%	335,509			3.7	%	393,877			4.4	%	462,198			5.1	%	493,056			5.3	%
Other investments, at fair value	489,702			5.4	%	496,900			5.4	%	481,621			5.4	%	483,958			5.3	%	504,693			5.4	%
Total managed investment portfolio	8,876,769			98.5	%	8,908,509			98.5	%	8,866,717			98.5	%	8,870,269			98.5	%	9,154,128			98.6	%
Investments in other ventures, under equity method	133,448			1.5	%	131,692			1.5	%	132,351			1.5	%	129,495			1.5	%	126,139			1.4	%
Total investments	$	9,010,217		100.0	%	$	9,040,201		100.0	%	$	8,999,068		100.0	%	$	8,999,764		100.0	%	$	9,280,267		100.0	%
CREDIT QUALITY OF FIXED MATURITY INVESTMENTS
AAA	$	1,006,357		14.2	%	$	1,104,041		16.0	%	$	1,017,693		15.0	%	$	1,029,717		14.9	%	$	850,676		12.9	%
AA	4,018,887			56.7	%	3,757,452			54.4	%	3,495,895			51.5	%	3,551,893			51.3	%	3,622,348			54.8	%
A	669,716			9.5	%	712,348			10.3	%	779,637			11.5	%	1,020,516			14.7	%	979,776			14.8	%
BBB	527,498			7.5	%	521,656			7.6	%	765,988			11.3	%	659,789			9.5	%	558,221			8.4	%
Non-investment grade and not rated	863,105			12.1	%	809,080			11.7	%	723,605			10.7	%	663,292			9.6	%	602,167			9.1	%
Total fixed maturity investments, at fair value	$	7,085,563		100.0	%	$	6,904,577		100.0	%	$	6,782,818		100.0	%	$	6,925,207		100.0	%	$	6,613,188		100.0	%
MATURITY PROFILE OF FIXED MATURITY INVESTMENTS
Due in less than one year	$	266,356		3.8	%	$	215,975		3.1	%	$	252,257		3.7	%	$	265,366		3.8	%	$	219,382		3.3	%
Due after one through five years	4,163,134			58.8	%	4,011,832			58.1	%	3,833,261			56.5	%	3,876,482			56.0	%	3,859,616			58.4	%
Due after five through ten years	1,049,939			14.8	%	1,035,877			15.0	%	1,011,132			14.9	%	1,028,728			14.9	%	970,723			14.7	%
Due after ten years	180,339			2.5	%	214,193			3.1	%	218,850			3.3	%	328,865			4.7	%	331,059			5.0	%
Mortgage-backed securities	1,275,648			18.0	%	1,295,605			18.8	%	1,336,777			19.7	%	1,318,098			19.0	%	1,166,094			17.6	%
Asset-backed securities	150,147			2.1	%	131,095			1.9	%	130,541			1.9	%	107,668			1.6	%	66,314			1.0	%
Total fixed maturity investments, at fair value	$	7,085,563		100.0	%	$	6,904,577		100.0	%	$	6,782,818		100.0	%	$	6,925,207		100.0	%	$	6,613,188		100.0	%
Weighted average effective yield of fixed maturity and short term investments	1.8		%			2.0		%			2.2		%			1.9		%			1.7		%
Average duration of fixed maturities and short term investments	2.2					2.2					2.3					2.3					2.3



	11



RenaissanceRe Holdings Ltd.
Summary of Other Investments

	June 30, 2016			March 31, 2016			December 31, 2015			September 30, 2015			June 30, 2015
TYPE OF INVESTMENT
Catastrophe bonds	$	275,553		$	272,397		$	241,253		$	233,223		$	228,998
Private equity partnerships	190,316			200,465			214,848			226,000			250,796
Senior secured bank loan fund	22,212			22,334			23,231			22,345			22,561
Hedge funds	1,621			1,704			2,289			2,390			2,338
Total other investments, at fair value	$	489,702		$	496,900		$	481,621		$	483,958		$	504,693

TYPE OF INVESTMENT
Catastrophe bonds	56.3		%	54.8		%	50.1		%	48.2		%	45.4		%
Private equity partnerships	38.9		%	40.4		%	44.6		%	46.7		%	49.6		%
Senior secured bank loan fund	4.5		%	4.5		%	4.8		%	4.6		%	4.5		%
Hedge funds	0.3		%	0.3		%	0.5		%	0.5		%	0.5		%
Total other investments, at fair value	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%



	12



RenaissanceRe Holdings Ltd.
Total Investment Result

	Three months ended															Six months ended
	June 30, 2016			March 31, 2016			December 31, 2015			September 30, 2015			June 30, 2015			June 30, 2016			June 30, 2015
Fixed maturity investments	$	46,091		$	36,006		$	38,047		$	37,023		$	33,791		$	82,097		$	59,730
Short term investments	1,227			1,000			466			267			297			2,227			494
Equity investments trading	865			1,663			2,038			1,791			1,913			2,528			4,517
Other investments
Private equity investments	4,356			(9,358		)	8,260			(14,617		)	5,431			(5,002		)	15,838
Other	5,035			3,309			891			7,373			668			8,344			4,182
Cash and cash equivalents	209			129			112			80			127			338			275
	57,783			32,749			49,814			31,917			42,227			90,532			85,036
Investment expenses	(3,659		)	(3,886		)	(3,896		)	(3,579		)	(3,623		)	(7,545		)	(6,725		)
Net investment income	54,124			28,863			45,918			28,338			38,604			82,987			78,311

Gross realized gains	22,661			17,750			11,124			9,160			8,672			40,411			30,204
Gross realized losses	(7,804		)	(14,665		)	(13,487		)	(13,720		)	(21,552		)	(22,469		)	(26,423		)
Net realized gains (losses) on fixed maturity investments	14,857			3,085			(2,363		)	(4,560		)	(12,880		)	17,942			3,781
Net unrealized gains (losses) on fixed maturity investments trading	44,271			85,465			(52,984		)	10,208			(48,104		)	129,736			(22,132		)
Net realized and unrealized (losses) gains on investments-related derivatives	(9,151		)	(19,449		)	6,447			(16,612		)	19,816			(28,600		)	15,608
Net realized gains (losses) on equity investments trading	14,729			(818		)	149			(114		)	8,832			13,911			16,313
Net unrealized gains (losses) on equity investments trading	5,066			(6,630		)	5,934			(30,060		)	5,624			(1,564		)	1,467
Net realized and unrealized gains (losses) on investments	69,772			61,653			(42,817		)	(41,138		)	(26,712		)	131,425			15,037
Change in net unrealized gains on fixed maturity investments available for sale	(90		)	(269		)	(257		)	(243		)	(560		)	(359		)	(743		)
Total investment result	$	123,806		$	90,247		$	2,844		$	(13,043	)	$	11,332		$	214,053		$	92,605

Total investment return - annualized	5.5		%	4.0		%	0.1		%	(0.6		)%	0.5		%	4.7		%	2.2		%



	13



RenaissanceRe Holdings Ltd.
Investment Portfolio - Effective Yield and Credit Rating
										Credit Rating (1)
June 30, 2016	Amortized Cost		Fair Value			% of Total Investment Portfolio		Weighted Average Effective Yield		AAA			AA			A			BBB			Non- Investment Grade			Not Rated
Short term investments	$	1,000,206	$	1,000,206		11.1	%	0.5	%	$	986,778		$	13,191		$	—		$	—		$	—		$	237
			100.0		%					98.7		%	1.3		%	—		%	—		%	—		%	—		%
Fixed maturity investments
U.S. treasuries	2,630,226		2,660,051			29.5	%	0.7	%	—			2,660,051			—			—			—			—
Agencies
Fannie Mae and Freddie Mac	59,040		59,393			0.7	%	1.1	%	—			59,393			—			—			—			—
Other agencies	65,676		67,156			0.7	%	1.4	%	—			67,156			—			—			—			—
Total agencies	124,716		126,549			1.4	%	1.3	%	—			126,549			—			—			—			—
Municipal	546,102		561,456			6.2	%	1.6	%	140,946			303,244			90,833			26,433			—			—
Non-U.S. government (Sovereign debt)	318,499		313,699			3.5	%	1.0	%	205,509			81,205			18,687			8,298			—			—
Non-U.S. government-backed corporate	164,846		157,606			1.7	%	1.0	%	80,214			75,571			—			1,821			—			—
Corporate	1,823,646		1,840,407			20.5	%	3.7	%	44,804			122,081			537,323			469,021			645,882			21,296
Mortgage-backed
Residential mortgage-backed
Agency securities	511,877		513,666			5.7	%	2.0	%	—			513,666			—			—			—			—
Non-agency securities - Alt A	182,006		183,518			2.0	%	5.5	%	6,259			17,850			7,281			13,152			132,354			6,622
Non-agency securities - Prime	72,731		74,989			0.8	%	4.4	%	1,357			8,589			2,453			5,639			53,923			3,028
Total residential mortgage-backed	766,614		772,173			8.5	%	3.1	%	7,616			540,105			9,734			18,791			186,277			9,650
Commercial mortgage-backed	493,873		503,475			5.6	%	2.8	%	384,295			102,907			13,139			3,134			—			—
Total mortgage-backed	1,260,487		1,275,648			14.1	%	3.0	%	391,911			643,012			22,873			21,925			186,277			9,650
Asset-backed
Collateralized loan obligations	88,094		88,023			1.0	%	2.4	%	82,070			5,953			—			—			—			—
Credit cards	32,290		32,836			0.4	%	1.2	%	32,836			—			—			—			—			—
Auto loans	21,238		21,383			0.2	%	1.3	%	21,183			200			—			—			—			—
Student loans	6,696		6,610			0.1	%	1.9	%	5,589			1,021			—			—			—			—
Other	1,284		1,295			—	%	2.3	%	1,295			—			—			—			—			—
Total asset-backed	149,602		150,147			1.7	%	1.9	%	142,973			7,174			—			—			—			—
Total securitized assets	1,410,089		1,425,795			15.8	%	2.9	%	534,884			650,186			22,873			21,925			186,277			9,650
Total fixed maturity investments	7,018,124		7,085,563			78.6	%	2.0	%	1,006,357			4,018,887			669,716			527,498			832,159			30,946
			100.0		%					14.2		%	56.7		%	9.5		%	7.5		%	11.7		%	0.4		%
Equity investments trading			301,298			3.4	%			—			—			—			—			—			301,298
			100.0		%					—		%	—		%	—		%	—		%	—		%	100.0		%
Other investments
Catastrophe bonds			275,553			3.1	%			—			—			—			—			275,553			—
Private equity partnerships			190,316			2.1	%			—			—			—			—			—			190,316
Senior secured bank loan fund			22,212			0.2	%			—			—			—			—			—			22,212
Hedge funds			1,621			—	%			—			—			—			—			—			1,621
Total other investments			489,702			5.4	%			—			—			—			—			275,553			214,149
			100.0		%					—		%	—		%	—		%	—		%	56.3		%	43.7		%
Investments in other ventures			133,448			1.5	%			—			—			—			—			—			133,448
			100.0		%					—		%	—		%	—		%	—		%	—		%	100.0		%
Total investment portfolio			$	9,010,217		100.0	%			$	1,993,135		$	4,032,078		$	669,716		$	527,498		$	1,107,712		$	680,078
			100.0		%					22.1		%	44.8		%	7.4		%	5.9		%	12.3		%	7.5		%

(1)

The credit ratings included in this table are those assigned by Standard & Poor’s Corporation ("S&P"). When ratings provided by S&P were not available, ratings from other nationally recognized rating agencies were used. The Company has grouped short term investments with an A-1+ and A-1 short term issue credit rating as AAA, short term investments with A-2 short term issue credit rating as AA and short term investments with an A-3 short term issue credit rating as A.



	14



RenaissanceRe Holdings Ltd.
Investment Portfolio - Change in Portfolio Composition

	June 30, 2016				December 31, 2015				Change
	Fair Value		% of Total Managed Investment Portfolio		Fair Value		% of Total Managed Investment Portfolio		$			%
Short term investments	$	1,000,206	11.1	%	$	1,208,401	13.4	%	$	(208,195	)	(2.3	)%
Fixed maturity investments
U.S. treasuries	2,660,051		29.5	%	2,064,944		23.0	%	595,107			6.5	%
Agencies
Fannie Mae and Freddie Mac	59,393		0.7	%	65,390		0.7	%	(5,997		)	—	%
Other agencies	67,156		0.7	%	72,586		0.8	%	(5,430		)	(0.1	)%
Total agencies	126,549		1.4	%	137,976		1.5	%	(11,427		)	(0.1	)%
Municipal	561,456		6.2	%	583,282		6.5	%	(21,826		)	(0.3	)%
Non-U.S. government (Sovereign debt)	313,699		3.5	%	334,981		3.7	%	(21,282		)	(0.2	)%
Non-U.S. government-backed corporate	157,606		1.7	%	138,994		1.5	%	18,612			0.2	%
Corporate	1,840,407		20.5	%	2,055,323		22.9	%	(214,916		)	(2.4	)%
Mortgage-backed
Residential mortgage-backed
Agency securities	513,666		5.7	%	504,518		5.6	%	9,148			0.1	%
Non-agency securities - Alt A	183,518		2.0	%	178,843		2.0	%	4,675			—	%
Non-agency securities - Prime	74,989		0.8	%	91,920		1.0	%	(16,931		)	(0.2	)%
Total residential mortgage-backed	772,173		8.5	%	775,281		8.6	%	(3,108		)	(0.1	)%
Commercial mortgage-backed	503,475		5.6	%	561,496		6.2	%	(58,021		)	(0.6	)%
Total mortgage-backed	1,275,648		14.1	%	1,336,777		14.8	%	(61,129		)	(0.7	)%
Asset-backed
Collateralized loan obligations	88,023		1.0	%	65,298		0.7	%	22,725			0.3	%
Credit cards	32,836		0.4	%	31,320		0.3	%	1,516			0.1	%
Auto loans	21,383		0.2	%	17,977		0.2	%	3,406			—	%
Student loans	6,610		0.1	%	6,335		0.1	%	275			—	%
Other	1,295		—	%	9,611		0.1	%	(8,316		)	(0.1	)%
Total asset-backed	150,147		1.7	%	130,541		1.4	%	19,606			0.3	%
Total securitized assets	1,425,795		15.8	%	1,467,318		16.2	%	(41,523		)	(0.4	)%
Total fixed maturity investments	7,085,563		78.6	%	6,782,818		75.3	%	302,745			3.3	%
Equity investments trading	301,298		3.4	%	393,877		4.4	%	(92,579		)	(1.0	)%
Other investments
Catastrophe bonds	275,553		3.1	%	241,253		2.7	%	34,300			0.4	%
Private equity partnerships	190,316		2.1	%	214,848		2.4	%	(24,532		)	(0.3	)%
Senior secured bank loan fund	22,212		0.2	%	23,231		0.3	%	(1,019		)	(0.1	)%
Hedge funds	1,621		—	%	2,289		—	%	(668		)	—	%
Total other investments	489,702		5.4	%	481,621		5.4	%	8,081			—	%
Investments in other ventures	133,448		1.5	%	132,351		1.5	%	1,097			—	%
Total managed investment portfolio	$	9,010,217	100.0	%	$	8,999,068	100.0	%	$	11,149



	15



RenaissanceRe Holdings Ltd.
Fixed Maturity and Short Term Investments - Corporate Top 10 Issuers by Fair Value

	June 30, 2016
Issuer	Total		Short term investments		Fixed maturity investments
JP Morgan Chase & Co.	$	43,241	$	—	$	43,241
Morgan Stanley	39,133		—		39,133
Goldman Sachs Group Inc.	36,008		—		36,008
Bank of America Corp.	33,868		—		33,868
HSBC Holdings PLC	27,122		—		27,122
Wells Fargo & Co.	25,241		—		25,241
Royal Bank of Canada	21,893		—		21,893
Credit Suisse Group AG	20,276		—		20,276
The Bank of Nova Scotia	15,813		—		15,813
Honda Motor Co., Ltd.	15,472		—		15,472
Total (1)	$	278,067	$	—	$	278,067


(1)	Excludes non-U.S. government-backed corporate fixed maturity investments, reverse repurchase agreements and commercial paper, at fair value.



	16



RenaissanceRe Holdings Ltd.
Reserves for Claims and Claim Expenses

	Case Reserves		Additional Case Reserves		IBNR		Total
June 30, 2016
Catastrophe Reinsurance	$	210,686	$	175,022	$	183,196	$	568,904
Specialty Reinsurance	532,590		130,255		1,150,158		1,813,003
Lloyd's	91,755		27,908		311,673		431,336
Other	6,332		—		24,668		31,000
Total	$	841,363	$	333,185	$	1,669,695	$	2,844,243

March 31, 2016
Catastrophe Reinsurance	$	229,357	$	149,688	$	176,094	$	555,139
Specialty Reinsurance	538,163		136,748		1,152,798		1,827,709
Lloyd's	88,551		24,233		285,410		398,194
Other	2,737		—		27,744		30,481
Total	$	858,808	$	310,669	$	1,642,046	$	2,811,523

December 31, 2015
Catastrophe Reinsurance	$	237,345	$	146,969	$	179,947	$	564,261
Specialty Reinsurance	529,952		126,650		1,148,015		1,804,617
Lloyd's	84,964		22,085		263,440		370,489
Other	2,071		—		25,607		27,678
Total	$	854,332	$	295,704	$	1,617,009	$	2,767,045

September 30, 2015
Catastrophe Reinsurance	$	259,614	$	168,296	$	189,096	$	617,006
Specialty Reinsurance	516,315		123,991		1,153,278		1,793,584
Lloyd's	73,016		24,410		250,573		347,999
Other	3,132		2,129		32,212		37,473
Total	$	852,077	$	318,826	$	1,625,159	$	2,796,062

June 30, 2015
Catastrophe Reinsurance	$	298,100	$	160,903	$	184,729	$	643,732
Specialty Reinsurance	537,224		104,897		1,202,717		1,844,838
Lloyd's	68,525		20,867		231,272		320,664
Other	3,697		2,139		32,578		38,414
Total	$	907,546	$	288,806	$	1,651,296	$	2,847,648



	17



RenaissanceRe Holdings Ltd.
Paid to Incurred Analysis

	Three months ended June 30, 2016								Three months ended June 30, 2015
	Gross			Recoveries		Net			Gross			Recoveries			Net
Reserve for claims and claim expenses, beginning of period	$	2,811,523		$	167,228	$	2,644,295		$	2,781,568		$	82,696		$	2,698,872
Incurred claims and claim expenses
Current year	251,390			54,385		197,005			253,649			51,229			202,420
Prior years	(26,538		)	2,717		(29,255		)	(30,830		)	2,246			(33,076		)
Total incurred claims and claim expenses	224,852			57,102		167,750			222,819			53,475			169,344
Paid claims and claim expenses
Current year	10,220			640		9,580			36,657			33			36,624
Prior years	181,912			1,684		180,228			120,082			(326		)	120,408
Total paid claims and claim expenses	192,132			2,324		189,808			156,739			(293		)	157,032
Reserve for claims and claim expenses, end of period	$	2,844,243		$	222,006	$	2,622,237		$	2,847,648		$	136,464		$	2,711,184

	Six months ended June 30, 2016								Six months ended June 30, 2015
	Gross			Recoveries		Net			Gross			Recoveries			Net
Reserve for claims and claim expenses, beginning of period	$	2,767,045		$	134,526	$	2,632,519		$	1,412,510		$	66,694		$	1,345,816
Incurred claims and claim expenses
Current year	405,728			80,514		325,214			365,088			63,670			301,418
Prior years	(18,878		)	11,981		(30,859		)	(53,274		)	1,947			(55,221		)
Total incurred claims and claim expenses	386,850			92,495		294,355			311,814			65,617			246,197
Paid claims and claim expenses
Current year	11,740			670		11,070			50,530			33			50,497
Prior years	297,912			4,345		293,567			223,991			(458		)	224,449
Total paid claims and claim expenses	309,652			5,015		304,637			274,521			(425		)	274,946
Amounts acquired (1)	—			—		—			1,397,845			3,728			1,394,117
Reserve for claims and claim expenses, end of period	$	2,844,243		$	222,006	$	2,622,237		$	2,847,648		$	136,464		$	2,711,184

(1) Represents the fair value of Platinum's reserve for claims and claim expenses and reinsurance recoverable acquired at March 2, 2015.



	18



RenaissanceRe Holdings Ltd.
Earnings per Share

	Three months ended
(common shares in thousands)	June 30, 2016			March 31, 2016			December 31, 2015			September 30, 2015			June 30, 2015
Numerator:
Net income available to RenaissanceRe common shareholders	$	136,325		$	127,995		$	92,206		$	75,529		$	73,233
Amount allocated to participating common shareholders (1)	(1,561		)	(1,601		)	(1,076		)	(867		)	(819		)
	$	134,764		$	126,394		$	91,130		$	74,662		$	72,414
Denominator:
Denominator for basic income per RenaissanceRe common share -
Weighted average common shares	41,693			42,577			43,131			44,564			45,303
Per common share equivalents of employee stock options and restricted shares	192			335			382			349			354
Denominator for diluted income per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions	41,885			42,912			43,513			44,913			45,657

Basic income per RenaissanceRe common share	$	3.23		$	2.97		$	2.11		$	1.68		$	1.60
Diluted income per RenaissanceRe common share	$	3.22		$	2.95		$	2.09		$	1.66		$	1.59

	Six months ended
(common shares in thousands)	June 30, 2016			June 30, 2015
Numerator:
Net income available to RenaissanceRe common shareholders	$	264,320		$	241,076
Amount allocated to participating common shareholders (1)	(3,166		)	(2,781		)
	$	261,154		$	238,295
Denominator:
Denominator for basic income per RenaissanceRe common share -
Weighted average common shares	42,135			42,467
Per common share equivalents of employee stock options and restricted shares	263			372
Denominator for diluted income per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions	42,398			42,839

Basic income per RenaissanceRe common share	$	6.20		$	5.61
Diluted income per RenaissanceRe common share	$	6.16		$	5.56


(1)	Represents earnings attributable to holders of unvested restricted shares issued under the Company's 2001 Stock Incentive Plan, 2010 Performance-Based Equity Incentive Plan, 2016 Long-Term Incentive Plan and to the Company's non-employee directors.



	19



RenaissanceRe Holdings Ltd.
Equity in Earnings of Other Ventures

	Three months ended
	June 30, 2016			March 31, 2016			December 31, 2015			September 30, 2015			June 30, 2015
Tower Hill Companies	$	3,846		$	251		$	1,676		$	4,135		$	4,294
Top Layer Re	2,265			2,403			1,498			1,738			2,174
Other	(89		)	(1,043		)	122			(143		)	(308		)
Total equity in earnings of other ventures	$	6,022		$	1,611		$	3,296		$	5,730		$	6,160

	Six months ended
	June 30, 2016			June 30, 2015
Top Layer Re	$	4,668		$	4,790
Tower Hill Companies	4,097			7,305
Other	(1,132		)	(640		)
Total equity in earnings of other ventures	$	7,633		$	11,455

Other Income

	Three months ended
	June 30, 2016			March 31, 2016			December 31, 2015			September 30, 2015			June 30, 2015
Assumed and ceded reinsurance contracts accounted for at fair value or as deposits	$	3,492		$	3,839		$	8,306		$	1,749		$	1,162
Other items	(838		)	240			(106		)	557			265
Total other income	$	2,654		$	4,079		$	8,200		$	2,306		$	1,427

	Six months ended
	June 30, 2016			June 30, 2015
Assumed and ceded reinsurance contracts accounted for at fair value or as deposits	$	7,331		$	2,479
Other items	(598		)	487
Total other income (loss)	$	6,733		$	2,966



	20



RenaissanceRe Holdings Ltd.
Ratings

	A.M. Best	S&P	Moody's	Fitch

Renaissance Reinsurance (1)	A+	AA-	A1	A+
DaVinci (1)	A	AA-	A3	—
Platinum Bermuda (1)	A	A-	—	—
Renaissance Reinsurance U.S. (1)	A	A+	—	—
RenaissanceRe Specialty Risks (1)	A	A+	—	—
RenaissanceRe Specialty U.S. (1)	A	A+	—	—
Renaissance Reinsurance of Europe (1)	A+	AA-	—	—
Top Layer Re (1)	A+	AA	—	—

Syndicate 1458	—	—	—	—
Lloyd's Overall Market Rating (2)	A	A+	—	AA-

RenaissanceRe (3)	—	Very Strong	—	—

(1) The A.M. Best, S&P, Moody's and Fitch ratings for these companies reflect the insurer's financial strength rating and, in addition to the insurer's financial strength rating, the S&P ratings reflect the insurer's issuer credit rating.

(2) The A.M. Best, S&P and Fitch ratings for the Lloyd's Overall Market Rating represent its financial strength rating.

(3) The S&P rating for RenaissanceRe represents the rating on its Enterprise Risk Management practices.



	21

RenaissanceRe Holdings Ltd.

Comments on Regulation G

In addition to the GAAP financial measures set forth in this Financial Supplement, the Company has included certain non-GAAP financial measures within the meaning of Regulation G. The Company has consistently provided these financial measurements in previous investor communications and the Company's management believes that these measurements are important to investors and other interested persons, and that investors and such other persons benefit from having a consistent basis for comparison between quarters and for comparison with other companies within the industry. These measures may not, however, be comparable to similarly titled measures used by companies outside of the insurance industry. Investors are cautioned not to place undue reliance on these non-GAAP measures in assessing the Company's overall financial performance.

The Company uses “operating income available to RenaissanceRe common shareholders” as a measure to evaluate the underlying fundamentals of its operations and believes it to be a useful measure of its corporate performance. “Operating income available to RenaissanceRe common shareholders” as used herein differs from “net income available to RenaissanceRe common shareholders,” which the Company believes is the most directly comparable GAAP measure, by the exclusion of net realized and unrealized gains and losses on investments. The Company's management believes that “operating income available to RenaissanceRe common shareholders” is useful to investors because it more accurately measures and predicts the Company's results of operations by removing the variability arising from fluctuations in the Company's fixed maturity investment portfolio, equity investments trading and investments-related derivatives. The Company also uses “operating income available to RenaissanceRe common shareholders” to calculate “operating income available to RenaissanceRe common shareholders per common share - diluted” and “operating return on average common equity - annualized”. The following is a reconciliation of: 1) net income available to RenaissanceRe common shareholders to operating income available to RenaissanceRe common shareholders; 2) net income available to RenaissanceRe common shareholders per common share - diluted to operating income available to RenaissanceRe common shareholders per common share - diluted; and 3) return on average common equity - annualized to operating return on average common equity - annualized:



	Three months ended															Six months ended
	June 30, 2016			March 31, 2016			December 31, 2015			September 30, 2015			June 30, 2015			June 30, 2016			June 30, 2015
Net income available to RenaissanceRe common shareholders	$	136,325		$	127,995		$	92,206		$	75,529		$	73,233		$	264,320		$	241,076
Adjustment for net realized and unrealized (gains) losses on investments	(69,772		)	(61,653		)	42,817			41,138			26,712			(131,425		)	(15,037		)
Operating income available to RenaissanceRe common shareholders	$	66,553		$	66,342		$	135,023		$	116,667		$	99,945		$	132,895		$	226,039

Net income available to RenaissanceRe common shareholders per common share - diluted	$	3.22		$	2.95		$	2.09		$	1.66		$	1.59		$	6.16		$	5.56
Adjustment for net realized and unrealized (gains) losses on investments	(1.67		)	(1.44		)	0.98			0.92			0.59			(3.10		)	(0.35		)
Operating income available to RenaissanceRe common shareholders per common share - diluted	$	1.55		$	1.51		$	3.07		$	2.58		$	2.18		$	3.06		$	5.21

Return on average common equity - annualized	12.6		%	11.8		%	8.5		%	6.9		%	6.6		%	12.2		%	11.8		%
Adjustment for net realized and unrealized (gains) losses on investments	(6.5		)%	(5.7		)%	4.0		%	3.8		%	2.5		%	(6.1		)%	(0.8		)%
Operating return on average common equity - annualized	6.1		%	6.1		%	12.5		%	10.7		%	9.1		%	6.1		%	11.0		%



	22

RenaissanceRe Holdings Ltd.

Comments on Regulation G

The Company has also included in this Financial Supplement “managed catastrophe premiums”. “Managed catastrophe premiums” is defined as gross catastrophe premiums written by the Company and its related joint ventures. “Managed catastrophe premiums” differs from total Catastrophe Reinsurance segment gross premiums written, which the Company believes is the most directly comparable GAAP measure, due to the inclusion of catastrophe premiums written on behalf of the Company's joint venture Top Layer Re, which is accounted for under the equity method of accounting, and the inclusion of catastrophe premiums written on behalf of the Company's Lloyd's segment. The Company's management believes “managed catastrophe premiums” is useful to investors and other interested parties because it provides a measure of total catastrophe premiums assumed by the Company through its consolidated subsidiaries and related joint ventures. A reconciliation of “managed catastrophe premiums” to Catastrophe Reinsurance segment gross premiums written is included on pages 6 and 7 of this Financial Supplement.

The Company has also included in this Financial Supplement “tangible book value per common share” and “tangible book value per common share plus accumulated dividends”. “Tangible book value per common share” is defined as book value per common share excluding goodwill and intangible assets per share. “Tangible book value per common share plus accumulated dividends” is defined as book value per common share excluding goodwill and intangible assets per share, plus accumulated dividends. The Company's management believes “tangible book value per common share” and “tangible book value per common share plus accumulated dividends” are useful to investors because they provide a more accurate measure of the realizable value of shareholder returns, excluding the impact of goodwill and intangible assets. The following is a reconciliation of book value per common share to tangible book value per common share and tangible book value per common share plus accumulated dividends:



	At
	June 30, 2016			March 31, 2016			December 31, 2015			September 30, 2015			June 30, 2015
Book value per common share	$	103.70		$	101.19		$	99.13		$	97.41		$	96.43
Adjustment for goodwill and other intangibles (1)	(6.73		)	(6.59		)	(6.59		)	(6.65		)	(6.51		)
Tangible book value per common share	96.97			94.60			92.54			90.76			89.92
Adjustment for accumulated dividends	16.10			15.79			15.48			15.18			14.88
Tangible book value per common share plus accumulated dividends	$	113.07		$	110.39		$	108.02		$	105.94		$	104.80

Quarterly change in book value per common share	2.5		%	2.1		%	1.8		%	1.0		%	1.3		%
Quarterly change in tangible book value per common share plus change in accumulated dividends	2.8		%	2.6		%	2.3		%	1.3		%	1.9		%
Year to date change in book value per common share	4.6		%										7.0		%
Year to date change in tangible book value per common share plus change in accumulated dividends	5.5		%										1.4		%


(1)	At June 30, 2016, March 31, 2016, December 31, 2015, September 30, 2015 and June 30, 2015, goodwill and other intangibles included $21.4 million, $22.3 million, $23.2 million, $22.9 million and $23.5 million, respectively, of goodwill and other intangibles included in investments in other ventures, under equity method.



	23

RENAISSANCERE HOLDINGS LTD - FORM 8-K - EX-99.2 - COPY OF THE COMPANY'S FINANCIAL SUPPLEMENT - July 26, 2016

Attached files

RENAISSANCERE HOLDINGS LTD Reports